A checkout form can be one of the trickiest parts of the purchase process to get right. Consumers are prone to second-guessing themselves when it comes to paying. The average checkout abandonment rate across all industries has been hovering around 60-80% in the last 10 years!
We want to help you decrease those statistics for your customers by optimizing the checkout flow, which ultimately increases conversions. And don’t worry, the fix is easier than you may think; all it takes is a little sprucing up of your existing checkout.
To understand why consumers might abandon a purchase in the first place, let’s look at some of the factors at play here.
Why is there such a high abandonment rate?
The reasons for checkout abandonment vary by industry; however, there are some commonalities that experts agree hold across checkout forms.
- Lack of security. Security is of the utmost importance when it comes time to pay. If there are no security signals such as payment logos (Visa, MasterCard), how are consumers to trust their payment details are safe?
- The payment type is not supported. Consumers want to pay with their preferred payment type. This not only includes the major credit cards (Visa, MasterCard, and AMEX) but also debit options and digital wallets.
- Too many interruptions. Are your customers sending a payment link to collect payments outside of your software? Payments shouldn’t create more friction. By moving the payment flow into your software, you can streamline operations for your customers.
Let’s reverse those statistics
Some software companies collect payments through invoicing links that are a simple checkout hosted by a payment provider. Some even run 100% on checks.
Instead of using an invoice link or check, leveraging Custom Checkout creates a secure, brandable experience that is easy to integrate. For software providers looking for a checkout option, Custom Checkout is a sure-fire way to please businesses with increased security, multiple payment types, and the ability to “customize” the experience (see what we did there).
Custom Checkout is big on security
Custom Checkout uses a unique tokenization service. This means that payment information is sent to Bambora, which triggers the automatic creation of a unique token. The token is then sent back to complete the payment. Once the transaction is complete, that token can then be saved as a payment profile to be used for future purchases, eliminating the need for card information to be collected again.
The token is undecipherable, keeping that payment information safe in the event of fraud. There are a few bonuses with this service as well.
- It encourages repeat customers. If converted to a payment profile, their payment information can be used for future payments.
- It keeps businesses out of PCI scope. All that payment information is stored on Bambora’s PCI Level 1 certified server.
The payment types that matter
Credit cards are the most common payment type, but that doesn’t mean that everyone wants to pay that way. Custom Checkout not only captures payments from the major card brands, but it also takes payments from the digital wallets associated with those card brands. These digital wallets are quickly becoming a popular way to pay, and including these as a payment method can help decrease the chance of an abandoned checkout.
Putting the “custom” in Custom Checkout
By integrating Custom Checkout, you not only streamline operations for a business, but you help create a seamless experience for the consumer by keeping them within your software.
The form is fully customizable, allowing the software to use its brand and retain complete control over the user experience.
For software companies and platforms looking to provide their customers with a secure and smooth checkout flow, Custom Checkout is a clear winner. Try a demo of Custom Checkout yourself, and see how you can integrate Custom Checkout in just a few easy steps.